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Trump Wants US to Lead in Crypto Over China, Teases New NFT Launch
Former President Donald Trump emphasized the need for the U.S. to lead in cryptocurrency before China in a recent Bloomberg interview. He highlighted the importance of the crypto industry for national interest and teased plans for a fourth NFT launch. Trump, who previously opposed crypto, now supports it, suggesting it is crucial for the U.S. to stay ahead of China. He praised the U.S. crypto industry's foundation and acknowledged prominent industry figures. Recently, his campaign started accepting crypto donations, raising $3 million last quarter. Trump also selected pro-crypto Sen. J.D. Vance as his running mate for the 2024 election.
Stripe Introduces Bitcoin, Ether, and Solana Crypto Payment Options Across EU
Stripe has expanded its cryptocurrency integration into the European market, allowing online vendors to offer Bitcoin, Ether, and Solana purchases via credit or debit cards. This move aims to simplify transactions using digital assets and includes a widget that vendors can add to their websites. Stripe's Head of Crypto, John Egan, highlighted that this expansion enables crypto companies to facilitate fast and easy cryptocurrency purchases for European consumers while ensuring compliance with KYC regulations and managing transaction processes efficiently. The initiative follows Stripe's earlier announcements regarding stablecoin payments and partnerships with Coinbase for crypto payout products.
Grayscale Introduces New Fund Targeting Decentralized Artificial Intelligence
Grayscale has launched the Grayscale Decentralized AI Fund LLC, aimed at investing in decentralized artificial intelligence projects within the cryptocurrency sector. The fund will rebalance quarterly and includes assets like Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR). It focuses on funding AI services, addressing issues related to centralized AI, and developing AI infrastructure such as GPU computation and decentralized marketplaces. Grayscale aims to capitalize on early-stage decentralized AI opportunities, emphasizing principles of decentralization and transparency.
Trading Desk Insights
The market is forecasting a potential surge in BTC to $70,000, driven by an improved macroeconomic environment and the prospect of a more crypto-supportive U.S. administration under Donald Trump. The market received a boost following Trump’s vice-presidential pick, signaling potential for more favorable crypto policies. Reduced selling pressure from major wallets and a positive political outlook for the crypto sector have fueled bullish sentiment, despite recent volatility and concerns over Mt. Gox repayments.
Open interest in XRP-tracked futures has nearly doubled in the past week, indicating traders' expectations of increased price volatility as XRP surged over 50%. More than 60% of XRP futures positions opened in the last 24 hours are longs, reflecting new capital entering the market with the expectation of further price increases.
The anticipated launch of spot ETH ETFs in the U.S. next week is expected to push ETH prices to all-time highs by year-end. The ETHBTC pair remains range-bound, with no breakout in sight yet. However, a move above 0.0575 could trigger additional bullish momentum.
On the equities front, stocks declined on Wednesday as the rotation out of high-flying technology shares continued. Semiconductor stocks were particularly hard-hit following a Bloomberg News report that the Biden administration is considering stricter trade restrictions if companies continue providing China access to U.S.-made technology. This broader market rally reflects trader optimism about potential interest rate cuts, which are expected to benefit small-cap stocks and companies with higher financing costs. Fed funds futures trading indicates a 100% probability of the Federal Reserve lowering rates in September, according to the CME FedWatch tool.
In line with statements from other policymakers, Waller's remarks suggest that a rate cut is unlikely at the upcoming Federal Open Market Committee meeting this month, but there is a stronger possibility of a move in September. Central bankers have become more optimistic due to recent data showing inflation easing after unexpectedly high figures in the first quarter of 2024.
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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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